You can request mortgage offers from Portuguese banks via Homevest to compare them
You can request mortgage offers from Portuguese banks via Homevest to compare them

5 alternatives to Millennium mortgages in Portugal: which is best for non-residents?

Millennium BCP is a good option for non-residents, but CGD, Novo Banco, Bankinter, BPI, and Santander also offer unique benefits and drawbacks. Continue reading for more details.

Adrian Volenik
Written by: Adrian Volenik
Published at 2024-06-13
Last updated on 2024-06-13
Readtime 4 minutes

While Millennium BCP is one of the leading banks in Portugal offering various mortgage options for non-residents, it may not suit everyone's needs. 

Fortunately, there are several robust alternatives to Millennium BCP that can help you secure your dream home in Portugal.

However, to find all the best mortgages in Portugal suited to your profile, use Homevest. This free digital platform allows you to compare and apply for mortgages without leaving your house.

Our picks for the best 5 alternatives to Millennium mortgage

  1. Caixa Geral de Depósitos
  2. Novo Banco
  3. Bankinter
  4. BPI
  5. Santander

Comparison of the 5 best alternatives to Millennium mortgage in Portugal for non-residents

Best use case
Average mortgage rate
Caixa Geral de Depósitos
Best use case
Buying, building, or renovating a home
Average mortgage rate
APR 8.5% (4.05% spread + Euribor 6m)
Novo Banco
Best use case
Ideal for applicants from diverse nationalities
Average mortgage rate
APR 5.3% (1.10% spread + Euribor 6m)
Best use case
Best for fixed-rate mortgages
Average mortgage rate
APR 6,0% (1.60% spread + Euribor 12m)
Best use case
High loan amounts
Average mortgage rate
APR 5.387% (1.60% spread + Euribor 6m)
Best use case
Interest rate reduction opportunities
Average mortgage rate
APR of 6.3% (1.90% spread + Euribor 6m)

The cost comparison was made on June 13, 2024

Caixa Geral de Depósitos mortgage for non-residents

Best use case: buying, building, or renovating a home

Caixa Geral de Depósitos (CGD) offers 30-year fixed rate, variable rate (Euribor 6 months), and mixed rate mortgage solutions for non-residents interested in investing in Portugal

With CGD mortgage, you can get financing up to:

  • 80% of the property’s valuation
  • 75% for buy-to-let properties
  • 90% for permanent residences 


  • Offers up to 90% financing for permanent residence purchases
  • Mortgage terms range from 1 to 30 years, repayable by age 80
  • Access to special conditions when buying from the bank’s portfolio (Caixa Imobilário)


  • Generally higher mortgage rates

Novobanco mortgage for non-residents

Best use case: ideal for applicants from diverse nationalities needing flexible options

Novo Banco mortgage provides two solutions for non-residents, including a variable rate mortgage, indexed to 12-month Euribor, and a fixed rate, from 2 to 30 years.

They also offer financing up to 80% for second homes and insurance and investment fund options.


  • Financing up to 80% for non-residents from the EU, UK, Canada, and the USA
  • Free life insurance with mortgage 
  • Good range of mortgage options


  • You can hire only Novobanco appraisers and depend on their skills and availability
  • Can't make the spread lower if you get their other products
  • No mixed-rate mortgages

Bankinter mortgage for non-residents

Best use case: non-residents looking for fixed-rate mortgages

Bankinter offers different mortgage options for people living outside of Portugal:

  • Green Mortgage 
  • Fixed-rate mortgage
  • Variable rate mortgage
  • Mixed rate mortgage
  • Remortgaging

The Bankinter mortgage process is done completely online. 


  • Promotional fixed-rate mortgage options with terms from 1 to 30 years
  • Capital repayment since day one
  • The spread is lower for mortgages higher than 100,000 EUR 
  • Green mortgages with special conditions for properties with a high Energy Efficiency Certificate


  • Higher costs due to fees applied by Bankinter
  • The amount of the mortgage is approved on a case-by-case scenario

Compare the best mortgage offers in Portugal with Homevest

Homevest is a digital platform that speeds up the mortgage application process for non-residents buying in Portugal.

Whether in the UK, Ireland, or the United States, you can request and compare mortgage offers from Portuguese banks via Homevest.

You can upload the required documents for your credit to your account. A broker will verify them and send them to the eligible Portuguese banks for your profile.

Once a bank sends an offer, you’ll have access to it in your Homevest account without needing to re-upload documents each time you request a new one.

BPI mortgage for non-residents

Best use case: great for a wide range of currencies and high loan amounts

BPI offers flexible mortgage options for non-residents, with both fixed and variable rate choices and terms up to 30 years. They accommodate diverse nationalities and currencies, making them accessible to a myriad of clients.


  • Loan amounts range from 75,000 to 1,500,000 EUR
  • Accepts several currencies, including EUR and GBP


  • The maximum loan-to-value ratio is 70%
  • The debt-to-income ratio shouldn't exceed 35%
  • An opening fee of up to 1%, increasing the cost of securing a mortgage

Santander mortgage for non-residents

Best use case: good for competitive base spreads and interest rate reduction opportunities

With Santander mortgage, you can borrow between 75,000 and 1,000,000 EUR at a competitive base spread of 1.90%, with the potential for interest rate reductions through additional product contracts. 

You can choose from variable, mixed, and fixed-rate mortgages.


  • Up to 80% financing available
  • Opportunity to reduce the interest rate by 0.80% with contracted products
  • No need to translate documents into English, German, French, Italian, Swedish, Spanish, or Portuguese 


  • An opening fee of up to 1.5%, depending on the customer profile, increases the cost of securing a mortgage
  • As a large bank, perhaps not enough people are dedicated to the mortgage process

In summary 

While Millennium BCP is a solid option for residents and non-residents alike, the alternatives provided by Caixa Geral de Depósitos, Novo Banco, Bankinter, BPI, and Santander also have unique benefits and drawbacks.


Sources used and checked in June 2024:

  1. CGD mortgages for non-residents
  2. Novobanco Mortgages
  3. Bankinter Mortgages
  4. BPI Mortgages
  5. Santander Mortgages

We recommend obtaining professional or specialist advice before taking or refraining from any action based on the content in this article. The information in this article does not constitute legal, tax, or other professional advice from Homevest Limited. Prior results do not guarantee a similar outcome. We make no representations, warranties, or guarantees, whether express or implied, that the content in this article is accurate, complete, or up to date.

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